United Overseas Australia Acquires Prime Cbd Site Ho Chi Minh City Us68 Mil
Tags: UOA, CapitaLand, Ho Chi Minh City, Vietnam
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UOA Expands its Presence in Ho Chi Minh City CBD with US$68 Million Prime Site Acquisition
United Overseas Australia (UOA) has made a significant move towards expanding its presence in Ho Chi Minh City’s central business district (CBD) with the acquisition of a prime site for US$68 million. Through the full acquisition of VIAS Hong Ngoc Bao Joint Stock Company, UOA has secured a 2,000 sqm commercial land which will be developed into a sustainable Grade-A office building with a gross floor area (GFA) of 20,000 sqm. Construction is expected to commence in the fourth quarter of 2025 and conclude in the second quarter of 2028, with an investment of US$120 million. The acquisition is in line with UOA’s strategy of capitalizing on the Vietnamese government’s efforts to transform the country into a global financial hub, with investments in high-tech sectors and infrastructure.
Located in the prime District 1 area, the site is surrounded by Grade-A and Grade-B office towers that have been attracting multinational corporations, financial institutions and leading domestic companies. In addition, the area is set to be further enhanced with the upcoming International Financial Centre (IFC) in the Thu Thiem New Urban Area, with a focus on capital markets, fintech and investment banking. Accessibility to the area is also expected to increase with the planned Metro Line 4 and the forthcoming North-South high-speed railway connecting HCMC and Hanoi.
This acquisition will add to UOA’s portfolio of office properties in Vietnam, which currently stands at 120,000 sqm. This includes the Grade-A UOA Tower and Millennial Tower, both located in the Phu My Hung Area. Dickson Kong, Head of Investment at UOA, notes that the expansion into Vietnam is part of the company’s growth strategy in the fast-growing country, which is witnessing a government-led transition to a global financial hub. He also adds that UOA is actively exploring opportunities in the residential sector in Vietnam.
In March 2024, UOA entered into a joint venture with CapitaLand Development, the development arm of CapitaLand Group, to develop the 3,500-unit Sycamore residential project in Binh Duong ward, HCMC. The first phase of Sycamore, The Orchard, has already seen over 90% of its 368 landed homes sold as of August and the second phase, Orchard Hill has already reached 90% of its 774 units sold as of late October 2024. The development is set to be handed over by 4Q2025 for The Orchard and 4Q2026 for Orchard Hill.
